We are in the late stages, we hope, of recruiting a Chief Product Officer, who will be a key player in our sustainable growth strategy.

we are in the late stages we hope of recruiting a chief product officer who will be a key player in our sustainable growth strategy


these members, so that we can give them more products, more different experiences, which can generate a larger share of wallet. So

these members so that we can give them more products more different experiences which can generate a larger share of wallet so


we're just not going to talk about that. Also, there's a huge mergers and acquisitions activity going on in our marketplace right now.

we're just not going to talk about that also there's a huge mergers and acquisitions activity going on in our marketplace right now


we will see concurrent increases in the focus of our integrated marketing and services team towards Clinical Laboratory customers.

we will see concurrent increases in the focus of our integrated marketing and services team towards clinical laboratory customers


Are you willing to provide -- now that you're seeing some of these headwinds play out and addressing them, are you able and willing to give us

are you willing to provide it now that you're seeing some of these headwinds play out and addressing them are you able and willing to give us


and customer experience relies on the quality of interaction between a business' customers and its employees.

and customer experience relies on the quality of interaction between a business's customers and its employees


talk a bit about the kind of the shuffling of the project pipeline that you just mentioned. And it seems like it's something that's been kind of happening

talk a bit about the kind of the shuffling of the project pipeline that you just mentioned and it seems like it's something that's been kind of happening


These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements.

these statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements


But the reason that we are confident in it is because now we've got a set of tools, we can go look at the process and we can bring in outside sets of eyes and expertise,

but the reason that we are confident in it is because now we've got a set of tools we can go look at the process and we can bring in outside sets of eyes and expertise


Our strong results in 2015 reflect our continued progress with the year playing out essentially as we planned

our strong results in 2015 reflect our continued progress with the year playing out essentially as we planned


offsetting the costs of investing in our growing customer base and a small amount of pressure from the new financial instrument reporting rules.

offsetting the cost of investing in our growing customer base and a small amount of pressure from the new financial instrument reporting rules


and then I'll let Mike talk about the competitive aspect. Yes. In terms of the competitive aspects as it relates to driving pricing, I would

and then i'll let mike talk about the competitive aspect yes in terms of the competitive aspects as it relates to driving pricing i would


We met with many qualified individuals during the search process and Gary's pedigree and tenure stood out as the perfect fit for us.

we met with many qualified individuals during the search process and gary's pedigree and tenure stood out as the perfect fit for us


are very specialized and different from country to country, which gives them a lot of experience in looking at

are very specialized and different from country to country which gives them a lot of experience in looking at


So that's our major focus right now with -- is getting this one right, which we're well on the track to.

so that's -- our major focus right now with -- is getting this one right which we're well on the track to


For the full year, we delivered a solid 5% growth in our industrial category and saw growth across all of our key geographies and major product lines.

for the full year we delivered a solid 5% growth in our industrial category and saw growth across all of our key geographies and major product lines


Thanks, operator. In our remarks today, we will include statements that are considered forward-looking statements within the meaning of United States securities laws.

thanks operator in our remarks today we will include statements that are considered forward-looking statements within the meaning of united states securities laws


of our sales force and their strong professional and personal interactions with many of the surgeons in attendance.

developer of our sales force and their strong professional and personal interactions with many of the surgeons in attendance


We remain laser focused on advancing our supply chain with our new partner, Vesta, again Berkshire Hathaway subsidiary

we remain laser focused on advancing our supply chain with our new partner vesta again berkshire hathaway subsidiary


the resources they have available to them to make technology decisions, they're not as significant as those in the Corporate segment,

the resources they have available them to make technology decisions they're not as significant as those in the corporate segment


which runs through the end of 2017. Let me now touch on a few specific financial highlights from the third quarter.

which runs through the end of 2017 let me now touch on a few specific financial highlights from the third quarter


and the outlook for '17 has been cut as well? Are you trying to make a distinction between what's expected on the tractor side versus the trailer side?

and the outlook for '17 has been cut as well or are you trying to make a distinction between what's expected on the tractor side versus the trailer side


Our forward-looking statements advisory is found on Slide 13, and the agenda for today's call is on the second slide. I'll now turn the call over to Chris.

our forward-looking statements advisory is found on slide 13 and the agenda for today's call is on the second slide i'll now turn the call over to chris


Many of our builder customers who were delayed by adverse weather conditions in the first quarter are eager to resume a normal construction schedule.

many of our builder customers who were delayed by adverse weather conditions in the first quarter are eager to resume a normal construction schedule


We will also be keenly focused on integrating all of our current acquisitions and managing our existing businesses.

we will also be keenly focused on integrating all of our current acquisitions and managing our existing businesses


There is a planned acceleration of development in the second quarter of this year that will affect our all-in costs, although it will be development into higher grade areas.

there is a planned acceleration of development in the second quarter of this year that will affect our all-in costs although it will be development into higher-grade areas


The business has made good progress towards implementing the single policy administration system for both life and non-life insurance.

the business has made good progress towards implementing the single policy administration system for both life and non-life insurance


I continue to be very optimistic about the growth prospects in this market, given our long and successful history of solving challenges in hearing aids

i continue to be very optimistic about the growth prospects in this market given our long and successful history of solving challenges in hearing aids


We received a lot of press coverage in March when we discussed our plans to close 2% to 3% of our store base this year.

we received a lot of press coverage in march when we discussed our plans to close 2% to 3% of our store base this year


And I will say, we've got to spend a little bit more time with the purchase accounting rules for writing up inventory to market value,

and i will say we've got to spend a little bit more time the purchase accounting rules for writing up inventory to market value


Asia's reserve power organic sales in the second quarter experienced a second consecutive double-digit decline as China Tower

ages reserve power organic sales in the second quarter experienced a second consecutive double-digit decline as china tower


Historically, there's been about a 15% keep of the assets that come through us on a year basis as they vest and flow through those accounts.

historically there's been about a 15% keep of the assets that come through us on a year basis as they vest and flow through those accounts


First, the regional context looks favorable due to the higher expected growth of Colombia's main trading partners, which support external demand.

first the regional context looks favorable due to the higher expected growth of colombia's main trading partners which support external demand


And with any kind of luck, we'll position ourselves very well for the next couple of years if we just hang in there patiently for the next few quarters.

and with any kind of luck we'll position ourselves very well for the next couple of years if we just hang in there patiently for the next few quarters


with existing customers and are getting our fair of shelf space -- our fair share of shelf space with our customers.

with existing customers and are getting our fair share of shelf space -- our fair share of shelf space with our customers


since we began reporting this metric a couple of years ago. As we define, organic revenue growth is the change in our consolidated management fee revenue

since we began reporting this metric a couple of years ago as we define it organic revenue growth is the change in our consolidated management fee revenue


where power rates were more where we expect them to run for the rest of the year and the overall gains we've made in pricing, we see ourselves well on track

where power rates were more where we expect them to run for the rest of the year and the overall gains we've made in pricing we see ourselves well on track


We are more consumer-centric, more efficient and more agile, which is enabling us to deliver consistent performance,

we are more consumer-centric more efficient and more agile which is enabling us to deliver consistent performance


Our productivity program is on track and has enabled us to up-weight investment in our brands and continue to expand margins.

our productivity program is on track and has enabled us to upweight investment in our brands and continue to expand margins


I mean, it looks like -- I know we've asked this before, but it looks like you're going to be well ahead of the long-term target by the end of the year

i mean it looks like -- i know we've asked this before but it looks like you're going to be well ahead of the long-term target by the end of the year


This demonstrates our bankers' ability to remain disciplined on pricing while generating plenty of opportunities for growth on the balance sheet.

this demonstrates our bankers' ability to remain disciplined on pricing while generating plenty of opportunities for growth on the balance sheet


a vague cost point there in terms of just on a dollar basis? And then when you say you're looking at the spreads for the applicable fuels,

a vague cost point there in terms of just on a dollar basis and then when you say you're looking at the spreads for the applicable fuels


is attributed to our focus on generating cash flow from operations and managing our capital structure to maximize shareholder returns.


and has moved into new product lines, including specialty. And so when you take a look at that collection of businesses, again, that -- with the exception of Canada that doesn't produce scripts,

and has moved into new product lines including specialty and so when you take a look at that collection of businesses again that with the exception of canada doesn't produce scripts


These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated.

these forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated


These projects are designed to ensure that we are able to meet increased market demand more efficiently and effectively than the competition.

these projects are designed to ensure that we are able to meet increased market demand more efficiently and effectively than the competition


especially in light of the fact that we're going to have -- they're going to have to drag the broadcasters kicking and screaming to get there. So

especially in light of the fact that we're going to have -- they're going to have to drag the broadcasters kicking and screaming to get there so


In addition, we've been focused on helping our customers add more content to their networks, add more consumer devices to their networks.

in addition we've been focused on helping our customers add more content to their networks add more consumer devices to their networks


to understand what you expect in the coming year. We try to be conservative in that forecast. And then we obviously tried to put some

to understand what you expect in the coming year we try to be conservative in that forecast and then we obviously try to put some


So in other words, merchants are used to paying for digital payments, that they do not have a problem or a negotiation in terms of

so in other words merchants are used to paying for digital payments that they do not have a problem or a negotiation in terms of


One of our main drivers in the international activity during the year was the continual ramp-up of our Integrated Drilling Services business.

one of our main drivers in the international activity during the year was the continual ramp-up of our integrated drilling services business


Credit management will remain a key priority in 2016, especially amidst the weakened economic environment in Latin America.

credit management will remain a key priority in 2016 especially amidst the weak economic environment in latin america


why I mentioned holiday as being when you'll see the newest -- the assortment from the new team fully represented

why i mentioned holiday as being when you'll see the newest -- the assortment from the new team fully represented


We're always looking to the long term, but these daily moves are nevertheless unsettling and we believe, grossly overdone.

we're always looking to the long term but these daily moves are nevertheless unsettling and we believe grossly overdone


we can now sell something else and potentially do an HR replacement to begin or a new HR implementation, because many times,

we can now sell something else and potentially do an hr replacement to begin or a new hr implementation because many times


So you did see some of that. But it doesn't flow through the overall numbers because of the increasing LIBOR rate

so you did see some of that but it doesn't flow through the overall numbers because of the increasing libor rate


The past sales opportunity is a unique characteristic of licensing businesses and one that we think will continue to be a nice value driver for us over the coming years.

the past sales opportunity is a unique characteristic of licensing businesses and one that we think will continue to be a nice value driver for us over the coming years


We have committed to specific higher-margin targets and are already delivering margin improvements without sacrificing growth.

we have committed to specific higher margin targets and are already delivering margin improvements without sacrificing growth


okay? So the expectation we had in the first place was of something that was underwritten on the current fuel environment as we see it.

okay so the expectation we had in the first place was of something that was underwritten on the current fuel environment as we see it


to the extent we see, over time, real cost pressure, we have the ability to move both from a sourcing and a marketing standpoint for our customers

to the extent we see over time real cost pressure we have the ability to move both from a sourcing and a marketing standpoint for our customers


we are now ready for your questions. Please limit yourself to two questions. If you are in the listening to the conference mode

we are now ready for your questions please limit yourself to 2 questions if you are in the listening to the conference mode


extending the maturity date 3 years beyond the credit facilities and providing additional capacity to support our acquisition strategy.


is using technologies like adaptive cruise control, lane departure, automatic braking, all of which compositely make for autonomy,

is using technologies like adaptive cruise control lane departure automatic braking all of which compositely make for autonomy


growth in consumer solutions MedExpress parts of our business as well. And then really just focusing in terms of

growth in consumer solutions metexpress parts of our business as well and then really just focusing in terms of


These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.

these statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations


Turning the page to Slide 5. Strategy for the business is to remain the leader in Graphic Papers,

turning the page to slide 5 strategy for the business is to remain the leader in graphic papers


At this point, it's a little bit too soon to tell, given -- the one thing I can say is that with the new rules that have come out,

at this point it's a little bit too soon to tell given -- the one thing i can say is that with the new rules that have come out


Now that all our retail banners have implemented the same financial system, we will be moving to the straight-line method for all our depreciable assets.

now that all our retail banners have implemented the same financial system we will be moving to the straight-line method for all our depreciable assets


in increasing our responsiveness to our customers and overall ease of doing business with Rotork. I'm pleased to announce,

in increasing our responsiveness to our customers and overall ease of doing business with rotork i'm pleased to announce


a combination of a lot of negative factors in the first quarter. We're pretty confident that's going to be as bad as it gets in terms of sales margins.

a combination of a lot of negative factors in the first quarter we're pretty confident that's going to be as bad as it gets in terms of sales margins


Among the changes we made to our segments is the inclusion of ADP Indemnity into the PEO segment earnings,

among the changes we made to our segments is the inclusion of adp indemnity into the peo segment earnings


appreciate the fact that he has a long background in brokerage. I think they believe in his vision of the future. So I'm as excited as can be

appreciate the fact that he has a long background in brokerage i think they believe in his vision of the future so i'm as excited as can be


and we want to keep our capital structure as straightforward and simple as possible. Of course, we always retain the flexibility to do a project financing.

and we want to keep our capital structure as straightforward and simple as possible of course we always retain the flexibility to do a project financing


We're investing in digital tools that will accelerate growth through more e-commerce and lower our transaction cost.

we are investing in digital tools that will accelerate growth through more e-commerce and lower our transaction costs


we achieved last year and in the early part of this year. I think that latter factor will continue, and we may see a little bit of upside

we achieved last year and in the early part of this year i think that latter factor will continue and we may see a little bit of upside


these key initiatives and areas of focus for the company and I am pleased with the motivation and enthusiasm of our team.

these key initiatives and areas of focus for the company and i'm pleased with the motivation and enthusiasm of our team


Think of it as just the right amount of data and analytics to be a difference maker for our customers.

think of it as just the right amount of data and analytics to be a difference maker for our customers


These declines were mostly offset by another strong quarter of growth in our EIS business as well as our MTS growth products.

these declines were mostly offset by another strong quarter of growth in our eis business as well as our mts growth products


With that, I'll turn the call over to Bob to discuss our financial performance. Following Bob's remarks, we will take your questions and conclude the call.

with that i'll turn the call over to bob to discuss our financial performance following bob's remarks we will take your questions and conclude the call


and we're very, very careful in doing that, and we're looking for the best talent that we can get, so expect for us to continue to grow that.

and we're very very careful in doing that and we're looking for the best talent that we can get so expect for us to continue to grow that


And Craig, I want to add something on this. If you look at Marvell, one of the things I've been most impressed with

and craig i want to add something on this if you look at marvell one of the things i've been most impressed with


We have delivered on our promises and made strong progress with our key priorities.

we have delivered on our promises and made strong progress with our key priorities


you asked about what would be the second publication. And there will be a number of publications that will come out of the study.

you asked about what would be the second publication and there will be a number of publications that will come out of the study


they will be very helpful to manage that effort. We believe that this path is the way to enhancing long-term value for our shareholders.

they will be very helpful to manage that effort we believe that this path is the way to enhancing long-term value for our shareholders


One of the areas that I said in India is that we do not go full-fledged with the complete portfolio of categories immediately

one of the areas as i said in india is that we do not go full-fledged with a complete portfolio of categories immediately


the growth of the company and legal and professional fees and costs related to various issues in 2018. Earnings from

the growth of the company and legal and professional fees and costs related to various issues in 2018 earnings from


To get these prophylactic patients to switch and to get more patients on prophylactic therapy, you have to have something they really want.

to get these prophylactic patients to switch and to get more patients on prophylactic therapy you have to have something they really want


So it's now full speed ahead. We're focused on execution and getting these trials up and running and driving them to completion.

so it's now full speed ahead we're focused on execution and getting these trials up and running and driving them to completion


The ability to take data, look at historical trends, look at machine utilization and come to better judgments on

the ability to take data look at historical trends look at machine utilization and come to better judgments on


We've obviously got a more experienced team following appointments at the beginning of last year that are actually carrying through into this half.

we've obviously got a more experienced team following appointments at the beginning of last year that are actually carrying through into this half


The world doesn't need another diet. The world needs a leader in wellness and a brand that can bring wellness to everyone, not just a few.

the world doesn't need another diet the world needs a leader in wellness and a brand that can bring wellness to everyone not just a few


where we'll be putting Kansas barrels on to our Pony Express system to take them to either refineries or Cushing.

where we'll be putting kansas barrels onto our pony express system to take them to either refineries or cushing


this is kind of what we would have expected based upon kind of the last few years and how we see the business going forward. Jay, you want to add?

this is kind of what we would have expected based upon kind of the last few years and how we see the business going forward jay you want to add


Yes. And I also would just add to that, we continue to have a long-term horizon in terms of how we think about and invest in the emerging markets, and the

yes and i also would just add to that we continue to have a long-term horizon in terms of how we think about and invest in the emerging markets and the


I'm also happy to report that our rate discussions with the Commonwealth have gone well and that we received a rate increase of approximately 2.5% that

i'm also happy to report that our rate discussions with the commonwealth have gone well and that we received a rate increase of approximately 2 5%


the improvements seen in the first part of the year on the business side and as well on the capital position are confirmed by today's results.


in connectivity solutions. We are also very committed to not only those franchises but generating

in connectivity solutions we are also very committed to not only those franchises but generating


The transaction provides us with substantial synergy as we anticipate expanding our contract manufacturing revenues

the transaction provides us with substantial synergy as we anticipate expanding our contract manufacturing revenues


Thank you, Danny, and good morning, everyone. We would like to provide a brief update on the execution of the company's strategic vision and business plan.

thank you danny and good morning everyone we would like to provide a brief update on the execution of the company's strategic vision and business plan


Just another question. With all the business that you're anticipating, will the company have to raise capital? Or do you have enough capital to

yes just another question with all the business that you're anticipating will the company have to raise capital or do you have enough capital to


that's a fairly concise summary of what went on. If anyone has any questions with respect to

that's a fairly concise summary of what went on if anyone has any questions with respect to


But we had more inflation in the first part of the quarter, and we shifted quite definitively into a deflationary position as we exited the quarter.

but we had more inflation in the first part of the quarter and we shifted quite definitively into a deflationary position as we exited the quarter


No, it probably won't be part of the summer show. And ultimately, the market will see a consolidated combined

no it probably won't be part of the summer show and ultimately the market will see a consolidated combined


Now I would like to explain more in depth about our results. Please look at the graph at the bottom center of the page.

now i would like to explain more in depth about our results please look at the graph at the bottom center of the page


taken together will challenge future growth and profitability for most legacy investment managers. However,

taken together will challenge future growth and profitability for most legacy investment managers however


And if you come down to the underlying combined ratio, you can see that this 1% up is coming from the underlying combined ratio which had moved

and if you jump down to the underlying combined ratio you can see that this 1% up is coming from the underlying combined ratio which has moved


bookings for the group was up 50% versus last year. And I think that's just giving a broad amount of indication for just how strong this is.

the bookings for the group was up 50% versus last year and i think that's just giving a broad amount of indication for just how strong this is


Please refer to schedules 2 and 3 at the end of our earnings release for a detailed reconciliation of our reported to adjusted results.

please refer to schedules 2 and 3 at the end of our earnings release for a detailed reconciliation of our reported to adjusted results


We have ramped up some spending on that to make sure that we're compliant and that we're continuing to drive innovation through our business.

we have ramped up some spending on that to make sure that we're compliant and that we're continuing to drive innovation through our business


We're going to continue to focus on the NEB process that we're involved in and all the requirements of that while we continue our project

we're going to continue to focus on the neb process that we're involved in and all the requirements of that while we continue our project


that is required to achieve the zone theming we set out to deliver and the principal CapEx investments that will support this delivery.

that is required to achieve the zone theming we set out to deliver and the principal capex investments that will support this delivery


I'll conclude with a reiteration of our goal to drive double-digit service growth via a combination of organic growth and acquisitions.

i'll conclude with a reiteration of our goal to drive double-digit service growth via the combination of organic growth and acquisition


With successful activities in both the prior and current year's second quarters, the moving parts are plentiful, and I will run through them today.

with successful activities in both the prior and current year's second quarters the moving parts are plentiful and i will run through them today


the federal transportation bill, the first time in 10 years that we've had a long-term bill, and then the private sector that is

the federal transportation bill the first time in 10 years that we've had a long-term bill and then the private sector that is


But -- so going to market, the strategy is to work with oncologists who will then use that product to help us

but so going to market the strategy is to work with oncologists who will then use that product to help us


Fortunately, we have an experienced and expert team of internal employees and external advisers who are currently working diligently on this important project.

fortunately we have an experienced and expert team of internal employees and external advisers who are currently working diligently on this important project


I'm not sure if this was a mix issue or is distorted by the Ivy Hill transaction. But it seemed like you had originated

i'm not sure if this was a -- was a mix issue or is distorted by the ivy hill transaction but it seemed like you had originated


So if you're in that game, and your game is marketing property, running your business efficiently and using data,

so if you're in that game and your game is marketing property running your business efficiently and using data


Our deep premium inventory in multiple basins provides flexibility to adjust to changing operational conditions in any given basin.

our deep premium inventory in multiple basins provides flexibility to adjust to changing operational conditions in any given basin


Development of the underground mine is proceeding well. Our target is to have the first open production by the end of this year.

development of the underground mine is proceeding well our target is to have the first copper production by the end of this year


These new developments are in addition to other large-scale projects already under construction in our region, including the restoration of several downtown buildings and hotels.

these new developments are in addition to other large-scale projects already under construction in our region including the restoration of several downtown buildings and hotels


I am very pleased to report that we significantly exceeded our expectations in several areas in the third quarter.

i am very pleased to report that we significantly exceeded our expectations in several areas in the third quarter


With that, I'd like to turn it over to Brian to discuss our third quarter financial performance and our outlook in more detail.

with that i'd like to turn it over to brian to discuss our third quarter financial performance and our outlook in more detail


A significant amount of my next several weeks will be spent listening to clients and discussing opportunities for greater focus and engagement.

a significant amount of my next several weeks will be spent listening to clients and discussing opportunities for greater focus and engagement


So those were the main items. And as you look at the income statement, moving to the income statement, I just want to pick up on some of the key areas.

so those were the main items and as you look at the income statement moving to the income statement i just want to pick up on some of the key areas


All right, let me pivot for a moment and move from markets to talk about capital deployment because that's been a big piece of our story here

all right let me pivot for a moment and move from markets to talk about capital deployment because that's been a big piece of our story here


what I wanted to understand is how much is this attributable to increasing contribution from railways and civil?

what i wanted to understand is how much is this attributable to increasing contribution from railways and civil


With the progress in growing our CoreCivic Community portfolio as well as the near-term opportunities to grow our CoreCivic Properties portfolio

with the progress in growing our corecivic community portfolio as well as the near-term opportunities to grow our corecivic properties portfolio


In less than a year of full distribution, we are already gaining share in Johnnie Walker and Smirnoff.

in less than a year of full distribution we are already gaining share in johnnie walker and smirnoff


We continue to make good progress on the implementation of the capital management framework that I spoke about last year.

we continue to make good progress on the implementation of the capital management framework that i spoke about last year


The information in this presentation accompanies the financial disclosures in our earnings press release and on this conference call.

the information in this presentation accompanies the financial disclosures in our earnings press release and on this conference call


So as we go forward, and I think we've said this on a few calls in the past, we expect we'll see degradation in that value-added revenue per pound or the mix,

so as we go forward and i think we said this on a few calls in the past we expect we'll see degradation in that value-added revenue per pound or the mix


The business outlook is subject to a number of risk factors. As the format of this morning's presentation does not permit a full discussion of these risk factors,

the business outlook is subject to a number of risk factors as the format of this morning's presentation does not permit a full discussion of these risk factors


Unit margins in our Chemical segment were up compared to the third quarter of 2017 on higher prices for TOFA, TOFA derivatives and other high-value products.

unit margins in our chemical segment were up compared to the third quarter of 2017 on higher prices for tofa tofa derivatives and other high-value products


prosecution of the bad guys, who are the bad resellers. We do everything we can to continue to build the integrity

prosecution of the bad guys who are the bad resellers we do everything we can to continue to build the integrity


At the same time, the margin expansion at the lab is also assisted by continually adding in-house developed technologies

at the same time the margin expansion at the lab is also assisted by continually adding in-house developed technologies


On the Los Angeles Refinery integration and compliance project, we are continuing with the permitting process, and we are now in the public comment period.

on the los angeles refinery integration and compliance project we are continuing with the permitting process and we are now in the public comment period


While we are no doubt facing some near-term challenges in our business, we continue to make good progress across our objectives in these areas.

while we are no doubt facing some near-term challenges in our business we continue to make good progress across our objectives in these areas


a core capability. But it definitely wasn't before, and so we're struggling through some of those. But I think we're gaining a lot of great momentum.

a core capability but it definitely wasn't before and so we're struggling through some of those but i think we're gaining a lot of great momentum got it


and that does facilitate an easier discussion as we think about contracting those pricing models.


When we apply the same threshold and by the way, that change of 2.3 was seen at 1 week that was the deepest response they got. They

when we apply the same threshold and by the way that change of 2 3 was seen at 1 week that was the deepest response they got


in the latter half. The form in which we repatriate, we have a variety of tools for doing that. Obviously given the potential for tax reform,

in the latter half the form in which we repatriate we have a variety of tools for doing that obviously given the potential for tax reform


but I think it was more -- we didn't see the same volatility that some of the other banks had seen because of the nature of the portfolio that we had.

but i think it was more we didn't see the same volatility that some of the other banks had seen because of the nature of the portfolio that we had


our experience would suggest there's a little bit more juice from a margin appreciation standpoint to going on our own in those categories.

our experience would suggest there's a little bit more juice from a margin appreciation standpoint to going at -- on our own in those categories


Specifically, we are removing noncash items for this non-GAAP measure. We believe this metric is a better proxy for measuring the success of a high growth organization

specifically we are removing noncash items for this non-gaap measure we believe this metric is a better proxy for measuring the success of a high-growth organization


While our emphasis at Jennie-O Turkey Store is on value-added products, whole birds are an important part of the turkey supply chain.

while our emphasis at jennie-o turkey stores on value-added products whole birds are an important part of the turkey supply chain


if you look at the return on that investment in the finance department, you actually see that the rate of financial growth

if you look at the return on that investment in the finance department you actually see that the rate of financial growth


We were very pleased to see the Safety Assessment margin above 20% again and believe that we will continue to drive further improvement.

we were very pleased to see the safety assessment margin above 20% again and believe that we will continue to drive further improvement


So as we assess this quarter's performance, in the aggregate, it represents another strong quarter for the overall company

so as we assess this quarter's performance in the aggregate it represents another strong quarter for the overall company


We have a well-diversified portfolio of products and markets in which we operate and are prepared to react should economic conditions change.

we have a well-diversified portfolio of products and markets in which we operate and are prepared to react should economic conditions change


with supplemental disclosure to deliver enhanced clarity and transparency into how the operations of the combined company are shaping up.


what the ramp is in terms of the small business emphasis that Jason talked about as well as the sales of entertainment products,

what the ramp is in terms of the small business emphasis that jason talked about as well as the sales of entertainment products


don't like to see a lot of disruption. So I think there's probably some pensiveness there.

don't like to see a lot of disruptions so i think there's probably some pensiveness there


Both MTY and Imvescor's board of directors have been unanimously supportive of this transaction,

both mty and emvescor's board of directors have been unanimously supportive of this transaction


During the past year, we have also developed a family of outdoor products that provides a more competitive price with different performance levels.

during the past year we have also developed a family of outdoor products that provides a more competitive price with different performance levels


going down. It seems that people that are choosing us again are making a value call, and they like what they're getting. It is

going down it seems that people that are choosing us are again are making a value call and they like what they're getting it is


I'm not going to speculate on what the right strategy is there. I would tell you in the markets that HUMIRA competes in,

i'm not going to speculate on what the right strategy is there i would tell you in the markets that humira competes in


This presentation is based on our current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates.

this presentation is based on our current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates


We saw benefit coming through from the work on organizational effectiveness and also the benefits from the second year of zero-based budgeting.

we saw a benefit coming through from the work on organizational effectiveness and also the benefits from the second year of zero-based budgeting


I'm pleased with our progress in this half. And I'm confident we remain on track to deliver our guidance of mid-single-digit top line growth

i'm pleased with our progress in this half and i'm confident we remain on track to deliver our guidance of mid-single-digit top line growth


rail prices up and your pricing maybe down or how do you -- it still seems like it's still hard to kind of match it together unless you're saying well it's a little conservative on the guidance?

rail prices up and your pricing may be down or how do you -- it still seems like it's a little hard to kind of match it together unless you're just saying well maybe it's a little conservative on the guidance


because the drilling of the well -- companies that provide those drilling rigs do benefit early on from that revenue flow.

because the drilling of the well companies that provide those drilling rigs do benefit early on from that revenue flow


and adjustments to other income and expenses as a result of the Tropical Palms RV lease termination and settlement of the California litigation.

and adjustments to other income and expenses as a result of the tropical palms rv lease termination and settlement of the california litigation


In line with our product diversification strategy, we recently launched a new line of bedding accessory products,

in line with our product diversification strategy we recently launched a new line of bedding accessory products


to ensure that we deliver not only the best cost outcomes, but look at really what else can you do in managing the total member and what role can retail play in that.

to ensure that we deliver not only the best cost outcomes but look at really what else can you do in managing the total member and what role can retail play in that


The entire suite of topics evolving strategic sourcing, value engineering and design for manufacturing awaits us.

the entire suite of topics involving strategic sourcing value engineering and design for manufacturing awaits us


of course, we're not quite ready to talk about that yet. We haven't submitted yet. But clearly, we think this could be a benefit to

of course we're not quite ready to talk about that yet we haven't submitted yet but clearly we think this could be a benefit to


In 2018, our global sales force will continue to educate health care providers on the importance of recognizing hypersensitivity reactions

in 2018 our global sales force will continue to educate health care providers on the importance of recognizing hypersensitivity reactions


and upon contractual amendments as the learning curve associated with starting up production and transitions of manufacturing lines generates revenue,


Our investment spending has been directed to new product development and the fast return cost savings project.

our investment spending has been directed to new product development and to fast return cost savings projects


I guess, more looking forward, what still has you excited about some low-hanging fruits or some other aspects in that business you're still working towards?

i guess more looking forward what still has you excited about some low-hanging fruits or some other aspects in that business you're still working towards


Technical work is underway and our current goal is to be in a position to share the results in mid-2016. We are very confident about this project.

technical work is underway and our current goal is to be in a position to share the results in mid-2016 we are very confident about this project


Thanks, Tom, and good morning, everyone. Thank you for joining us today. We are very pleased with our third quarter performance.

thanks tom and good morning everyone thank you for joining us today we are very pleased with our third quarter performance


as a percentage of sales in the fourth quarter in 2016 due to this transition from a leased to an owned business.


In addition, we achieved record third quarter earnings per share, while continuing to invest in our strategic initiatives.

in addition we achieved record third quarter earnings per share while continuing to invest in our strategic initiatives


The difference was largely due to a decrease in payables, primarily resulting from the timing of payments and increased accounts receivable.

the difference was largely due to a decrease in payables primarily resulting from the timing of payments and increased accounts receivable


Well, currently we have 2 boards. The university has a Board of Trustees that's responsible for overseeing the academic

well currently we have 2 boards the university has a board of trustees that's responsible for overseeing the academic


As a result, volume trends improved as we proceeded through the quarter and continuing into August.

as a result volume trends improved as we proceeded through the quarter and continuing into august


In addition, we recently launched an emergency room diversion program, which is expected to produce savings beginning next quarter.

in addition we recently launched an emergency room diversion program which is expected to produce savings beginning next quarter


larger multimeter, multi-jurisdiction load in all of the geographies in which we have gen. And with respect to

larger multi-meter multi-jurisdiction load in all of the geographies in which we have gen and with respect to


The impact of this increase was even higher as it was offset by efficiencies, largely in advertising production from Zero Based Budgeting.

the impact of this increase was even higher as it was offset by efficiencies largely in advertising production from 0-based budgeting


that's another item that we're going to cover in the Analyst Day and get to show you all the detail from those smaller projects. We do have -- as we've

that's another item that we're going to cover in the analyst day and get show you all the detail from those forward projects we do have -- as we


Let's go through the details of the business units, and I continue on Page 6 of the slide deck.

let's go through the details of the business units and i continue on page 6 of the slide deck


And third, I don't want there to be any doubt, we are as excited as ever to have the Pinnacle family of brands in our portfolio.

and third i don't want there to be any doubt we are as excited as ever to have the pinnacle family of brands in our portfolio


we are -- basically, what we're saying is that we will -- we have seen enough progress. We are in clinical already

we are -- basically what we're saying is that we will -- we have seen enough progress we are in clinical already


focused on really adding more capability and leveraging all of this to drive even more faster growth


While the purest in me initially thought mixed martial arts was kind of little more than street fighting, I really come to appreciate the sport as its fighters

while the purists to me initially thought mixed martial arts was kind of a little more than street fighting i really come to appreciate the sport as its fighters


I just have a follow-up on Marcelo's first question. And I just want to get some more information in terms of the evolution of Linx Pay.

i just have a follow-up on marcelo's first question and i just want to get some more information in terms of the evolution of links pay


These risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements.

these risk factors contain a more detailed discussion of the factors that could cause actual results to differ materially from those projected in any forward-looking statements


Some are self-inflicted, others were a function of more broader macro forces. However, I also want to emphasize that there are a lot of

some were self-inflicted others were a function of more broader macro forces however i also want to emphasize that there were a lot of


This is one of the primary reasons we have accelerated our trade cycles last year and invested in the enhanced safety equipment of our fleet.

this is one of the primary reasons that we have accelerated our trade cycles last year and invested in the enhanced safety equipment of our fleet


Finally, I'd like to mention that the company recently began discussions with our union employees to negotiate a new collective bargaining agreement.

finally i'd like to mention that the company recently began discussions with our union employees to negotiate a new collective bargaining agreement


at the mark based on what we know today. We are certainly not idle and have moved quite quickly and effectively on the restructuring.

at the mark based on what we know today we are certainly not idle and have moved quite quickly and effectively on the restructuring


However, should a cap be introduced, we do not expect the impact to be material, given around 80% of our customers have no exit charge.

however should a cap be introduced we would not expect the impact to be material given around 80% of our customers have no exit charge


We invite you to read the complete disclaimer included in the first page of this presentation, which you will also find on our website in the IR section.

we invite you to read the complete disclaimer included in the first page of this presentation which you will also find on our website in the ir section


If you start to look at the technology or company that already has contracted customers or where devices are already sold,

if you start to look at the technology or company that already has contracted customers or where devices are already sold


this year's budget is expected to be roughly 50-50. As we look toward next year and assuming commodity prices stay similar,

this year's budget is expected to be roughly 50-50 as we look toward next year and assuming commodity prices stay similar


Almost all the projects in this outer circle are located in British Columbia, and a number of them have been slowed by the spring flooding and the forest fires.

almost all the projects in this outer circle are located in british columbia and a number of them have been slowed by the spring flooding and the forest fires


indicating lower levels compared to the last year and being better than our year-end targets.


and our proposition perspective overall? If you can provide some details there because first 9 months, it seems to be no different than last year.

and our proposition perspective overall if you can provide some details there because first 9 months it seems to be no different than last year


to make this investment in this technology and positions us to bring this product to market 6 to 12 months sooner than the current schedule.


have to be keenly aware of the side effects on the oral , are you hearing any kind of feedback where,

have to be keenly aware of the side effects on the oral side are you hearing any kind of feedback where


In this manner, we anticipate that we will be able to defer on a long-term basis any income taxes associated with spectrum surrendered through the auction.

in this manner we anticipate that we will be able to defer on a long-term basis any income taxes associated with spectrum surrendered through the auction


opportunities that this could present for Sensient, could present for the market, and maybe some restrictions that it could present for you going forward?

opportunities that this could present for sensium could present for the market and maybe some restrictions that it could present for you going forward


We've laid that out in our responses to the consultation. I know there are other views in the market, but the logic of it is basically, we think,

we've laid that out in our responses to the consultation i know there are other views in the market but the logic of it is basically we think


We also continue to manage our capital aggressively and only invest where we see economically attractive returns in the core markets we operate in.

we also continue to manage our capital aggressively and only invest where we see economically attractive returns in the core markets we operate in


regarding making the investment that you have been talking about? And what is the time line for that, a reasonable timeline?

regarding making the investments that you have been talking about and what is the timeline for that a reasonable timeline


has always been a major player in terms of giving steps in corporate governance, and this is another very important step.

has always been a major player in terms of giving steps in corporate governance and this is another very important step


our continued focus on leveraging growth synergies across the organization, expanding our product portfolio and entering new markets and geographic regions.

and our continued focus on leveraging growth synergies across the organization expanding our product portfolio and entering new markets and geographic regions


and can deal with that outside of this meeting. But it really was a financial decision ultimately at the end of the day. What we are

and can deal with it outside of this meeting but it really was a financial decision ultimately at the end of the day what we are


And one of the things that I can tell you we've experienced is, is that by localizing supply in Asia, for example,

and one of the things that i can tell you we've experienced is is that by localizing supply in asia for example


We also believe product innovation is an important means of keeping our edge in a competitive market for cost-containment solutions.

we also believe product innovation is an important means of keeping our edge in a competitive market for cost containment solutions


First, across the business, we have experienced some lower levels of production and some turnover among a small number of our perennial top performers,

first across the business we have experienced some lower levels of production and some turnover among a small number of our perennial top performers


and who are the personnel responsible for accomplishing that. So we're excited to get going on that once we merge.

and who are the personnel responsible for accomplishing that so we're excited to get going on that once we merge


Answer to your question broadly is the location of the next plant is something that we don't have to decide today.

answer to your question broadly is the location of the next plant is something that we don't have to decide today


The fourth quarter of 2017 concluded another strong year for Ares. We generated our highest quarterly levels of management fees

the fourth quarter of 2017 concluded another strong year for ares we generated our highest quarterly levels of management fees


And if they do survive, many need invasive ventilation or tracheostomy. Furthermore, due to the instability

and if they do survive many need invasive ventilation or tracheostomy furthermore due to the instability


thanks to greater market penetration and our ability to accelerate sales of these products through our buildings and components channels.


The company's actual results may differ materially from the anticipated performance or results expressed or implied by these forward-looking statements.

the company's actual results may differ materially from the anticipated performance or results expressed or implied by these forward-looking statements


So that study is going to have a couple different endpoints that we're going to dive into and provide detail around.

so that study is going to have a couple different endpoints that we're going to dive into and provide detail around


And for those of you that really try to track what's going on in this market for us,

and for those of you that really try to track what's going on in this market for us


with regard to IoT as well as other implementations using the technology. And as I mentioned earlier,

with regard to iot as well as other implementations using the technology and as i mentioned earlier


And in many ways, Ignite 2 ensures that we can move apace while we do this. And finally, driving an innovation agenda which is about making the technology in the business

and in many ways ignite 2 ensures that we can move at pace while we do this and finally driving an innovation agenda which is about making the technology in the business


Look, I don't think that the growth in headcount is going to be at the level that we have had it in the past from an external

yes look i don't think that the growth in headcount is going to be at the level that we have had it in the past from an external


Corporate profits in many cases have stabilized and have begun showing growth. Yet, we have not seen this translate into more robust lodging demand at this point.

corporate profits in many cases have stabilized and have begun showing growth yet we have not seen this translate into more robust lodging demand at this point


and that has really impacted on the dilution. And at the same time, in establishing

and that has really impacted on the dilution and at the same time in establishing


But for the individual initiatives, we want each of the companies to move swiftly and therefore, we have come up with this organization.

but for the individual initiatives we want each of the companies to move swiftly and therefore we have come up with this organization


and in 2019 we should try to leverage on that lessons learned so that we will be able to revamp our growth.


And again, we have this core competency and an ability to do a lot of data manipulation and data crunching,

and again we have this core competency and an ability to do a lot of data manipulation and data crunching


in terms of speed, in terms of where we are right now, if I was to license this program next week,

in terms of speed in terms of where we are right now if i was to license this program next week


And we had another strong year of innovation, delivering about 3 points of incremental sales to the top line.

and we had another strong year of innovation delivering about 3 points of incremental sales to the top line


And we think it put tremendous pressure on the existing billing company. Adding a second, certainly makes sense. We've identified the markets

and we think it put tremendous pressure on the existing billing company adding a second certainly makes sense we've identified the markets


These updates will align the achievement of Restaurateur status with the measurable elements that directly result in an excellent customer experience.

these updates will align the achievement of restaurateur status with the measurable elements that directly result in an excellent customer experience


I guess, in a similar vein, do you think the issuance of the conforming securitization by Chase last month can be a meaningful part of the market?

i guess in a similar vein do you think the issuance of a conforming securitization by chase last month can be a meaningful part of the market


Our sector has an opportunity now to return to historical valuations by rationalizing operating models and cost structures,

our sector has an opportunity now to return to historical valuations by rationalizing operating models and cost structures


So how should we think about these projects? Is this like a risk of

so how should we think about this project is this like a risk of


Since the last time I talked to you, we have also announced the sale of the Tabakoto assets, and that transaction is expected to close in the current quarter.

since the last time i talked to you we have also announced the sale of the tabakto assets and that transaction is expected to close in the current quarter


where we don't have relationships or deep relationships and so that's a very significant area of opportunity


what were the assets that we're talking about here would just be a subset of the overall funds assets.

what we're -- the assets that we're talking about here would just be a subset of the overall funds assets


First, we are working to create subadvised index funds for inclusion in our MAP advisory programs.

first we are working to create sub-advised index funds for inclusion in our map advisory programs


activity and prompt and what we can offer will be something that we will do with multiple partners, and we're

activity and prompt and what we can offer will be something that we will do with multiple partners and we're


that we would do for our brand and for members and for individuals, especially that population,

that we would do for our brand and for members and for individuals especially that population


When we factor in about a point of revenue headwinds from natural disasters, our revenue growth was within the multiyear framework.

when we factor in about a point of revenue headwinds from natural disasters our revenue growth was within the multiyear framework


In the meantime, we have our solutions out there. We're working on a solution that would provide more comprehensive, if you will, syndicated coverage of all of that viewing,

in the meantime we have our solutions out there we're working on a solution that would provide more comprehensive if you will syndicated coverage of all of that viewing


Our first half results reinforce the strength of our product portfolio, commercial execution and globalization effort.

our first half results reinforce the strength of our product portfolio commercial execution and globalization effort


With our specialized sales force, we will be able to broaden the reach of NOVADAQ's technology as we look to leverage our highly complementary customer bases.

with our specialized sales force we will be able to broaden the reach of novodak's technology as we look to leverage our highly complementary customer bases


but ERP systems continued to fill the void in terms of the whole financial planning and budgeting aspects and some of the financial aspects.

but erp systems continued to fill the void in terms of the whole financial planning and budgeting aspects and some of the financial aspects


We also incurred some additional on-boarding costs related to new mobile programs expected to ramp up later in the year.

we also incurred some additional onboarding costs related to new mobile programs expected to ramp up later in the year


Overall, ATCO had a very busy year as we continue to transform into a globally diversified infrastructure holding company.

overall atco had a very busy year as we continued to transform into a globally diversified infrastructure holding company


based on very few patients. Needs to be confirmed obviously, and that's what we're doing as we expand into the confirmation cohort.

based on very few patients needs to be confirmed obviously and that's what we're doing as we expand into the confirmation cohort


Regarding 2018, I'll focus my prepared remarks this morning on the full year results. Please refer to the news release for additional details

regarding 2018 i'll focus my prepared remarks this morning on the full year results please refer to the news release for additional details


Through the actions we have already taken to date, we are achieving cost savings that will ultimately result in lower operating expenses,

through the actions we have already taken to date we are achieving cost savings that will ultimately result in lower operating expenses


Additional information concerning factors that could cause our forward-looking statements not to occur is contained in our filings with the Securities and Exchange Commission

additional information concerning factors that could cause our forward-looking statements not to occur is contained in our filings with the securities and exchange commission


Now even with years of savings, the High Street cost base is still substantial, and we continue to build a healthy pipeline of trials

now even with years of savings the high street cost base is still substantial and we continue to build a healthy pipeline of trials


In addition, a much more severe instantaneous market risk scenario with significantly higher shock factors has been chosen.

in addition a much more severe instantaneous market risk scenario with significantly higher shock factors has been chosen


or essentially offset by the combined impact of last year's flexibles acquisition and Peninsula, which was now in for the full quarter.

were essentially offset by the combined impact of last year's flexibles acquisition and peninsula which was now in for the full quarter


So at this moment I would say we have no reason to think it would change. We haven't seen any real indications

so at this moment i would say we have no reason to think it would change we haven't seen any real indications


which is intended to be an objective evaluation of the secular headwinds and also the opportunities currently facing our industry.


or as presented on the call to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.


So if you're talking epoxies in total, there is a significant piece there, but it's not on the specialty side. I was interpreting your question

so if you're talking epoxies in total there's a significant piece there but it's not on the specialty side i was interpreting your question


They bring a very educated perspective on the market, and they bring a very comprehensive network

they bring a very educated perspective on the market and they bring a very comprehensive network


We are committed to maintaining a healthy balance sheet to support our growth strategy and enhance shareholder returns.

we are committed to maintaining a healthy balance sheet to support our growth strategy and enhance shareholder returns


Going forward, I think your number is probably a little high certainly with respect to the first year

going forward i think your number is probably a little high certainly with respect to the first year


Is that number inclusive of Entrada or exclusive of it? I know you guys have adjusted acquisitions previously. So I'll start there.

is that number inclusive of entrada or exclusive of it i know you guys have adjusted acquisitions previously i'll start there


continuing to pursue efforts to divest certain oil and natural gas properties and investigating potential refinancing alternatives.


We are putting considerable effort into the e-commerce channel, but we are not giving up on brick-and-mortar outlets.

we are putting considerable effort into the e-commerce channel but we are not giving up on brick-and-mortar outlets


MS, we have very significant margins in that sector, but our second half will probably exceed our expectations relative to what we

ms we have very significant margins in that sector but our second half will probably exceed our expectations relative to what we


As we look forward, I'm confident we have the opportunity to continue this trend. We believe our net interest margin will continue to benefit from recent rate hikes,

as we look forward i'm confident we have the opportunity to continue this trend we believe our net interest margin will continue to benefit from recent rate hikes


Today I'll be talking about the business in some detail and then I'll turn the call back over to Bill, our Chief Financial Officer, to talk about our financial results in the quarter.

today i'll be talking about business in some detail and then i'll turn the call back over to bill our chief financial officer to talk about our financial results in the quarter


If we determine that we need to update our projections to reflect the lower baseline coal utilization, we will, as we have done before,

if we determine that we need to update our projections to reflect the lower baseline coal utilization we will as we have done before


In Nigeria, we raised our shares further to 60%, and we bought out the minority shareholding in Egypt and surrounding countries.

in nigeria we raised our shares further to 60% and we bought out the minority shareholding in egypt and surrounding countries


this result has been fueled by a very good performance across all the geographies that AXA has.

this result has been fueled by a very good performance across all the geographies that axa has


the various programs in the various stages. So there'll be situations like we are this year where we have an inordinate amount of start-ups.

the various programs and the various stages so there will be situations like we are this year where we have an inordinate amount of start-ups


And so we're trying to move a lot from -- historically, our information has been lagging or historical.

and so we're trying to move a lot from historically our information has been lagging or historical


Instead, we are pushing the bounds of technology applications for our law enforcement to truly deliver on our vision of an end-to-end experience.

instead we are pushing the balance of technology applications for law enforcement to truly deliver on our vision of an end-to-end experience


as we have mentioned before, we have continued our investment in production capacity in China, and we, today, have

as we have mentioned before we have continued our investment in production capacity in china and we today have


These are only a few examples of the many hundreds of initiatives that have been delivered or are in the pipeline to be delivered.

these are only a few examples of the many hundreds of initiatives that have been delivered or are in the pipeline to be delivered


through expansion of digital customer bases and efficient channel strategy and improvement of working processes, including management efficiency.

through expansion of digital customer bases and efficient channel strategy and improvement of working processes including management efficiency


what -- you get into the accounting gymnastics of revenue recognition, what gets recognized at the end of the year and what gets pushed into

what you get into the accounting gymnastics of revenue recognition what gets recognized at the end of the year and what gets pushed into


And those have been reasonably strong, although not high-growth areas, but reasonably strong, just like all of our general industrial has been here in the first half.

and those have been reasonably strong although not high-growth areas but reasonably strong just like all of our general industrial has been here in the first half


and further enhances our focus around our leading consumer health care brands. It also allows for future capital reallocation opportunities.

and further enhances our focus around our leading consumer health care brands it also allows for future capital reallocation opportunities


specifically in Connection Technologies, resulting in segment margin dollars almost exactly on plan.

specifically in connection technologies resulting in segment margin dollars almost exactly on plan


And so boy, with all that going on, to go switch gears and look at some other alternatives right now, I'd say is not a big focus for us.

and so boy with all that going on to go switch gears and look at some other alternatives right now i'd say is not a big focus for us


But on the phones, we feel pretty good about getting good value for the investment plans we put out there and a great opportunity to generate value.

but on the phones we feel pretty good about getting good value for the investment plans we put out there and a great opportunity to generate value


will contain statements that are forward looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.

will contain statements that are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated


Third, we see a fully integrated physician acute offering as a precursor to building a leading platform for evolving payment models.

third we see a fully integrated physician acute offering as a precursor to building a leading platform for evolving payment models


do you see that, that can sustain from here on, and probably, that is the cost structure with which we will be operating from now on?

do you see that that can sustain from here on and probably that is the cost structure with which we will be operating from now on


Our challenges include evaluating the seismic issues and construction risk and making sure we can achieve our investment returns.

our challenges include evaluating the seismic issues and construction risk and making sure we can achieve our investment returns


The results of Foresight Energy announced today reflect our continued success in the face of extremely challenging and very uncertain markets.

the results of foresight energy announced today reflect our continued success in the face of extremely challenging and very uncertain markets


they all did, including our competitors. We made a big difference. We continue to make a big difference. And we're proud of that and extremely thankful and appreciative of our team.

they all did including our competitors we made a big difference we continue to make a big difference and we're proud of that and extremely thankful and appreciative of our team


I'd now like to take just a minute to provide a legal update regarding the pending litigation with our former contract manufacturer.

i'd now like to take just a minute to provide a legal update regarding the pending litigation with our former contract manufacturer


The impact of the July increase in the Bank of Canada's overnight rate was positive but not significant as it occurred relatively late in the quarter.

the impact of the july increase in the bank of canada's overnight rate was positive but not significant as it occurred relatively late in the quarter


primarily related to our assumption that the telecom capital spending environment remains subdued throughout 2016, particularly during the first half of the year.

primarily related to our assumption that the telecom capital spending environment remains subdued throughout 2016 particularly during the first half of the year


especially as we continue to grow our USA TODAY NETWORK to include more local markets and more new platforms.

especially as we continue to grow our usa today network to include more local markets and more new platforms


lower silver sales and lower copper sales, if you look at the page to follow, we had average realized gold price in the quarter,

lower silver sales and lower copper sales if you look at the page to follow we had average realized gold price in the quarter


Obviously, it's more fun to be adding people and growing the business that when you need to, we can move swiftly and take cost out of the organization

obviously it's more fun to be adding people and growing the business but when you need to we can move swiftly and take cost out of the organization


through education, through more meaningful interaction with those stock plan participants, that this will be a big value driver for us go forward.

through education through more meaningful interaction with those stock plan participants that this will be a big value driver for us go forward


So we think it was an exceptionally strong quarter, and I think if you look against the industry, you'll find that the stats are quite strong.

so we think it was an exceptionally strong quarter and i think if you look against the industry you'll find that the stats are quite strong


As an example, customers often use the online channel when they are most certain about their purchase and the store channel when they are less certain.

as an example customers often use the online channel when they are more certain about their purchase in the store channel when they are less certain


Full tech support is a new Geek Squad offering that provides support for all of the customers' technology no matter where or when they bought it.

soltech support is a new geek squad offering that provides support for all of the customer's technology no matter where or when they bought it


In Capital Markets, we provide compliance products and services to companies that are subject to the filing and reporting requirements of the SEC.

in capital markets we provide compliance products and services to companies that are subject to the filing and reporting requirements of the sec


provide any more color on that? Could you say anything about the share of the business now being online, for example?

provide any more color on that could you say anything about the share of the business now being online for example


We're in the early stages. We have a financially sound company. We generate strong free cash flow and have a strong balance sheet.

we're in the early stages we have a financially sound company we generate strong free cash flow and have a strong balance sheet


The favorable variance is largely offset by increased repairs and maintenance expenses as we cleaned up properties during the quarter following those storm events.

the favorable variance is largely offset by increased repairs and maintenance expenses as we cleaned up properties during the quarter following those storm events


while we have done a number of these reserve adjustments, and the spend is going to overall be greater than we expected,

while we have done a number of these reserve adjustments and the spend is going to overall be greater than we expected


Yes, so I'll take the first part of that, David. I think what we were saying was that in order to fund the remainder of what we have right now

yes so i'll take the first part of that dave i think what we were saying was that in order to fund the remainder of what we have right now


This acquisition accelerates our product development plans in specialty tools, injects new engineering talent and leverages our great distribution channel.

this acquisition accelerates our product development plans in specialty tools injects new engineering talent and leverages our great distribution channel


all of which positions us well, given the value proposition our products bring directly to address these very issues.

all of which positions us well given the value proposition our products bring directly to address these very issues


Following the rollout of our customer satisfaction and online reputation management program across our entire store base almost a year ago,

following the rollout of our customer satisfaction and online reputation management program across our entire store base almost a year ago


versus, say, average sales price increase or reduction of variable costs? And then is this affecting at all where you see

versus say average sales price increase or reduction of variable costs and then is this affecting it all where you see


The combination of these factors, together with a large selloff in the equity markets due to concerns around global growth and increasing U.S. interest rates,

the combination of these factors together with a large sell-off in the equity markets due to concerns around global growth and increasing u s interest rates


These numbers exclude any capital related to our high-protein DDG project, which is still in the engineering and contracting phase.

these numbers exclude any capital related to our high protein ddg project which is still in the engineering and contracting phase


We continued to deliver value to our customers through innovative dispensing and sealing solutions and manufacturing excellence.

we continue to deliver value to our customers through innovative dispensing and sealing solutions and manufacturing excellence


While the company has started to see some early signs and more stable conditions in certain markets, we continue to expect the headwinds from soft market conditions

while the company has started to see some early signs of more stable conditions in certain markets we continue to expect the headwinds from soft market conditions


Our strategy is focused on delivering strong, profitable growth through operational excellence and accretive acquisitions.

our strategy is focused on delivering strong profitable growth through operational excellence and accretive acquisitions


Now with a stronger backlog in hand and an improved operating footprint, we should be better positioned to take advantage of the increasing demand environment

now with a stronger backlog in hand and an improved operating footprint we should be better positioned to take advantage of the increasing demand environment


compliance and operating as one Stockland, to realize the synergies, the natural synergies that exist in that business.

compliance and operating as one stockland to realize the synergies the natural synergies that exist in our business


Our backlog is up significantly from the same time a year ago and our 12-week order rates are positive in all geographies and segments.

our backlog is up significantly from the same time a year ago and our 12-week order rates are positive in all geographies and segments


that looks like any other foreign-based company in a territorial tax system. So we think that our global capital structure is appropriate for our company,

that looks like any other foreign-based company in a territorial tax system so we think that our global capital structure is appropriate for our company


We have changed our interpretation of the guidance and now are deferring revenue associated with warranty contracts for which services are performed over the life of contract.

we have changed our interpretation of the guidance and now are deferring revenue associated with warranty contracts for which services are performed over the life of contract


Electrical Systems and Services where you are working off of a very large backlog, it does take time to pass through price increases.

electrical systems and services where you are working off of a very large backlog it does take time to pass through price increases


While we exclude the fair market value changes from our core earnings, it is a simple fact that the value of servicing rights increases significantly in a rising rate environment,

while we exclude the fair market value changes from our core earnings it is a simple fact that the value of servicing rights increases significantly in a rising rate environment


Okay. Would -- are there any costs incurred for the storm restoration included in your guidance?

okay are there any costs incurred for the storm restoration included in your guidance


a business we started over 12 months ago focused on providing an integrated completion and fracturing offering in the unconventional market.


Our Kinh Do business in Vietnam continues to be a bright spot. Our teams are executing well as we integrate this business,

our kendo business in vietnam continues to be a bright spot our teams are executing well as we integrate this business


struck by the turbines when they're migrating. So many things we're doing that are on the cusp of new technology that we're implementing today.

struck by the turbines when they're migrating so many things we're doing that are on the cusp of new technology that we're implementing today


Question on the cash flow again from the lower tax rate. Your appendix indicates that you are expecting lower

question on the cash flow again from the lower tax rate your appendix indicates that you are expecting lower


For those viewing our presentation, please turn to Slide 7. In the second quarter, we further diversified our portfolio.

for those viewing our presentation please turn to slide 7 in the second quarter we further diversified our portfolio


This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

this concludes today's conference you may disconnect your lines at this time thank you for your participation


While I suspect we will see an occasional bout of volatility during the year, we think the backdrop for real estate lending and ownership is good enough to provide numerous

while i suspect we will see an occasional bout of volatility during the year we think the backdrop for real estate lending and ownership is good enough to provide numerous


It feels very different now because our customers are talking about and actively trying to make those investments in their own capacity. Well, they see what's coming and they've got bigger backlogs.

it feels very different now because our customers are talking about and actively trying to make those investments in their own capacity we always see what's coming and they got bigger backlogs


but comping against the combination of Battlefield Hardline and Mortal Kombat was very tough as each of those titles sold 1 million units.

but comping against the combination of battlefield hardline and mortal kombat was very tough as each of those titles sold a million units


You can see some pictures of that store in the supplemental deck. We also have 34 collectibles stores overseas.

you can see some pictures of that store in the supplemental deck we also have 34 collectible stores overseas


in terms of product availability and features, consumer awareness and purchase intent. We plan to provide an update each quarter.

in terms of product availability and features consumer awareness and purchase intent we plan to provide an update each quarter


And as I mentioned, we'll be confident of we'll be back into profitability this year. So notable projects around the world

and as i mentioned we'll be confident of -- we'll be back into profitability this year some notable projects around the world


expected through the second half of the year, revenues and plant efficiencies are anticipated to improve and generate a more stable and predictable result profile.

expected through the second half of the year revenues and plant efficiency are anticipated to improve and generate a more stable and predictable result profile


We kept thinking that eventually, this workover business was going to have to snap back because so much of this maintenance work was being delayed

we kept thinking that eventually this workover business was going to have to snap back because so much of this maintenance work was being delayed


the broadest and most comprehensive line of catheter-directed thrombolysis products in the market, which we believe will allow us to serve

the broadest and most comprehensive line of catheter-directed thrombolysis products on the market which we believe will allow us to serve


Our revenue growth has been driven by new product launches across a wide range of products due to changing consumer preferences.

our revenue growth has been driven by new product launches across a wide range of products due to changing consumer preferences


like savory or beverage as it is a group of products. And those group of products could span any number of segments.

like savory or beverage as it is a group of products and those group of products could span any number of segments


Participants may view the slides in any order they wish. The replay will be available shortly after the event is concluded.

participants may view the slides in any order they wish the replay will be available shortly after the event is concluded


I don't believe we're in that kind of a scenario today. I think what's happening is the second point that you were making is, that

i don't believe we're in that kind of a scenario today i think what's happening is the second point that you were making is that


that the merger represents a highly compelling opportunity for companies and their shareholders.

that the merger represent a highly compelling opportunity for companies and their shareholders


a -- I mean you've always had a very good software-only solution, I think the market is probably moved,

a -- i mean you've always had a very good software-only solution i think the market is probably moved


The investor presentation available on our website includes an appendix that reconciles these non-GAAP financial measures to GAAP measures.

the investor presentation available on our website includes an appendix that reconciles these non-gaap financial measures to gaap measures


We will however continue to make improvements, including more deep-dive analysis of equipment along with training and improving the skill of our people.

we will however continue to make improvements including more deep dive analysis of equipment along with training and improving the skill of our people


the Canadian heavy was impacted a little earlier by planned maintenance, unplanned maintenance in the fields.

the canadian heavy was impacted a little earlier by planned maintenance unplanned maintenance in the fields


we didn't want to say we're going to wait 3 years for these key-enabling pieces of the solution to come. So we took that step and developed that middle layer, which gives us those

we didn't want to say we're going to wait 3 years for these key enabling pieces of the solution to come so we took that step and developed that middle layer which gives us those


Thank you. That concludes today's conference call. Please disconnect your lines at this time, and we thank you for your participation.

thank you that concludes today's conference call please disconnect your lines at this time and we thank you for your participation


Used vehicle sales volumes were better than expected and allowed us to reduce inventory levels to our target range sooner than expected.

used vehicle sales volumes were better than expected and allowed us to reduce inventory levels to our target range sooner than expected


And in closing, we have our work cut out for us in the months ahead with a clear set of priorities, which we normally outline each year.

and in closing we have our work cut out for us in the months ahead with a clear set of priorities which we normally outline each year


Getting deals closed and started remains a high priority, and we expect to see significantly improved Adjacent Services performance

getting deals closed and started remains a high priority and we expect to see significantly improved adjacent services performance


beyond the end of July until new contracts are set up? Or should we just still continue to expect the RAC revenue to fall off at the end of July?

beyond the end of july until new contracts are set up or should we just still continue to expect the rac revenue to fall off at the end of july


Given strong underlying demand, pricing for aerospace aluminum plate has increased with 2 price increases announced this year.

given strong underlying demand pricing for aerospace aluminum plate has increased with 2 price increases announced this year


cross-selling opportunities and how they are benefiting your revenue growth, certainly in addition to your positioning with

cross-selling opportunities and how they are benefiting your revenue growth certainly in addition to your positioning with


the State Department has put it on this Fed Bid. Which makes it that you've got to bid on every one of the contracts. And what it has done is,

the state department has put it on this fedbid which makes it -- that you got to bid on every one of the contracts and i -- what it has done is


And that may also lead to further market share gains in the automotive, as indicated in the comments.

and that may also lead to further market share gains in the automotive as indicated in the comments


As a result, these transactions can take longer to complete than normal, but the benefit is the opportunity to complete an acquisition without competition.

as a result these transactions can take longer to complete than normal but the benefit is the opportunity to complete an acquisition without competition


So when I stand up again, I'll take you through how those lessons have helped us to reset the business for growth. I think we've got a great plan.

so when i stand up again i'll take you through how those lessons have helped us to reset the business for growth i think we've got a great plan


the actual costs, but we haven't been in a period of running at steady state at all.

the actual cost but we haven't been in a period of running at steady state at all


connects to any bank account and lets you transfer money directly and instantly from your checking account to your new spending account. We believe this is the first in Canada.

connects to any bank account and lets you transfer money directly and instantly from your checking account to your new spending account we believe this is the first in canada


and then become more of the primary provider of the service as time goes on and then they help scale


And as an operator, virtualization will enable us to run multiple services on the same generic hardware.

and as an operator virtualization will enable us to run multiple services on the same generic hardware


is less of mixing and matching loan pools. It's more of looking ahead and refinancing proactively, capitalizing on

is less of mixing and matching loan pools it's more of looking ahead and refinancing proactively capitalizing on


with a little bit of optimism for infrastructure pick up, is there an appetite to re-fleet in any way or is it really just putting

with a little bit of optimism for infrastructure pickup is there an appetite to re-fleet in any way or is it really just putting


We do not undertake and specifically disclaim any obligation to update or revise this information except as required by law.

we do not undertake and specifically disclaim any obligation to update or revise this information except as required by law


Yourself and the company actually mentioned that you want to build smelters in different locations around the world.

well yourself and the company actually mentioned that you want to build smelters in different locations around the world


We have increased the forecast to account for the impact of the continued weak yen on results from the first quarter through the third quarter.

we have increased the forecast to account for the impact of the continued weekend on results from the first quarter through the third quarter


Another option is to bypass that provider, try to go right to the SAP system that all of these entities are using and we're also looking at that.

another option is to bypass that provider and try to go right to the sap system that all of these entities are using and we're also looking at that


As a first move, we have just announced the partnership with Fresh Realm, the leading challenger brand in the fresh foods market

as a first move we have just announced a partnership with fresh realm the leading challenger brand in the fresh foods market


rewarding shareholders and making the investments necessary to sustain and expand upon our competitive position for the long term.


The discovery of the instances of unauthorized usage continues to create opportunities for Reis' compliance team to engage in productive conversations

the discovery of the instances of unauthorized usage continues to create opportunities for reit's compliance team to engage in productive conversations


for an extended period if they should so desire. So very happy with what's going on down there and continue to be happy and expect that will go for

for an extended period if they should so desire so very happy with what's going on down there and continue to be happy and expect that will go for


We're comfortable paying a higher rate to win the initial deposit relationship even if that results in short-term NIM compression

we're comfortable paying a higher rate to win the initial deposit relationship even if that results in short-term nim compression


and others backing out of the Marketplace as they're raising prices much more dramatically, are you concerned at all that you're going to pick up some of their less healthy populations

and others backing out of the marketplaces or raising prices much more dramatically are you concerned at all that you're going to pick up some of their less healthy populations and


It really is going to depend on where some of the acquisitions are sourced, because some of the international acquisition opportunities

it really is going to depend on where some of the acquisitions are sourced because some of the international acquisition opportunities


Now let's look at Specialty Property, which delivered a strong quarter despite ongoing normalization in lender-placed.

now let's look at specialty property which delivered a strong quarter despite ongoing normalization in lender placed


To that end, we now have a fully developed corporate strategy team dedicated to exploring and analyzing these opportunities.

to that end we now have a fully developed corporate strategy team dedicated to exploring and analyzing these opportunities


With our licensed agents, we're now offering Medicare Supplement insurance to help our customers pay some of the hospital and Medicare costs,

with our licensed agents we're now offering medicare supplement insurance to help our customers pay some of the hospital and medicare costs